V2X, Inc. (NYSE: VEC) today announced the successful completion of Vectrus’ combination with The Vertex Company, creating a leading provider of critical mission solutions and support to defense clients globally. In connection with the closing, the Company was renamed V2X, Inc. The company will continue to trade on the New York Stock Exchange under the ticker “VEC” through July 7, 2022. Beginning at the open of business on July 8, 2022, V2X’s common stock will trade under the ticker symbol “VVX”.
V2X offers clients around the world a broad suite of technology and service capabilities to support national security readiness and modernization initiatives. As a larger, more diversified company, V2X delivers a comprehensive set of integrated solutions and critical service offerings across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients.
“Today’s milestone establishes V2X as a leading global provider of mission-essential solutions,” said Chuck Prow, Chief Executive Officer of V2X. “Through this transformative combination, we created a company with the scale and ability to compete for large integrated business opportunities by providing full life-cycle support across the converged environment.”
Updated 2022 Guidance
V2X intends to provide second half 2022 guidance when it reports its financial results for the second quarter on August 9, 2022, after market close. Senior management will conduct a conference call at 4:30 p.m. ET that same day.
Board of Directors
The V2X Board of Directors is comprised of 11 members, with appointments effective at the closing of the transaction:
- Six are continuing directors designated by Vectrus – Mary Howell, Melvin Parker, Eric Pillmore, Chuck Prow, Stephen Waechter and Phillip Widman;
- Five have been designated by Vertex – Ed Boyington, Dino Cusumano, Lee Evangelakos, Joel Rotroff and Neil Snyder.
Ms. Howell will serve as Chairman of the Board.
Transaction Details
In connection with the close of the transaction, Vertex shareholders received approximately 18.6 million shares of Vectrus common stock. On a fully diluted basis, former Vertex stockholders own approximately 62% of V2X, while legacy Vectrus shareholders own approximately 38%, each as calculated at closing.
Advisors
Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Vectrus, and Skadden, Arps, Slate, Meagher & Flom LLP and Covington & Burling LLP are acting as legal counsel. Vectrus was also advised by Ernst & Young and Wolf Den Associates. RBC Capital Markets, LLC and Evercore are acting as financial advisors to Vertex, and Jones Day, Baker Botts LLP and Ropes & Gray LLP are acting as legal counsel. Vertex was also advised by Fairmont Consulting Group.
ABOUT V2X
V2X is a leading provider of critical mission solutions and support to defense clients globally, formed by the 2022 merger of Vectrus and Vertex to build on more than 120 combined years of successful mission support. The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients. Our global team of approximately 14,000 employees brings innovation to every point in the mission lifecycle, from preparation, to operations, to sustainment, as they tackle the most complex challenges with agility, grit and dedication.
